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BANKS IN SOLOMON ISLANDS TAKE STEPS TO PREVENT FINANCIAL CRIMES
Empowering the Solomon Islands Financial Intelligence Unit (SIFIU)
The Solomon Islands Financial Intelligence Unit (SIFIU) has been empowered to prevent and detect financial crimes in the country, including money laundering and terrorism financing. Under the Money Laundering and Proceeds of Crime Act 2002, the Anti-Money Laundering Commission has delegated several functions to the SIFIU.
Key Functions of SIFIU
- Receiving reports of suspicious transactions from financial institutions and cash dealers
- Investigating these reports and referring them to law enforcement authorities if necessary
- Inspecting records kept by financial institutions
- Asking questions related to these records
- Taking copies of any part of the record
- Sending information derived from an inspection to law enforcement authorities if it has reasonable grounds to suspect that a transaction involves the proceeds of crime
Enhanced Cooperation between SIFIU and Financial Institutions
The SIFIU will work closely with financial institutions in Solomon Islands to ensure that they comply with anti-money laundering and counter-terrorism financing regulations. The unit will provide training to banks on transactions record-keeping and reporting obligations, and will also conduct investigations to ensure compliance.
Benefits of Enhanced Cooperation
- Significant reduction in financial crimes in Solomon Islands
- Strengthening of the country’s anti-money laundering and counter-terrorism financing regime
- Protection of the integrity of the country’s financial system
Statement from Governor of Central Bank
“The delegation of powers to the SIFIU is an important step towards strengthening our anti-money laundering and counter-terrorism financing regime in Solomon Islands.” - Rick N. Houenipwela, Governor of the Central Bank.
Enhanced Cooperation Expected
The enhanced cooperation between the SIFIU and financial institutions is expected to lead to a significant reduction in financial crimes in Solomon Islands. The country’s Attorney-General, Primo Afeau, has stated that “the Anti-Money Laundering Commission and the SIFIU are committed to working together with financial institutions to prevent and detect financial crimes.”
Effective Date
The delegation of powers to the SIFIU comes into effect on April 3rd, 2006.